Company Overview

FSN E-Commerce Ventures Limited (Nykaa) reported strong financial performance for FY2025-26 with consolidated revenue reaching ₹10,022 crores, representing 26% YoY growth, while PAT surged 183% to ₹204 crores. The company expanded its omnichannel presence significantly, growing its beauty retail footprint to 313 stores across 99 cities and serving 55+ million cumulative customers across its beauty and fashion platforms.

Financial Performance

Consolidated Financials (FY2026):

  • Gross Merchandise Value: ₹19,963 crores (28% YoY growth)
  • Revenue from Operations: ₹10,022 crores (26% YoY growth)
  • Gross Profit: ₹4,516 crores (30% YoY growth) with 45.1% margin
  • EBITDA: ₹752 crores (59% YoY growth) with 7.5% margin
  • PAT: ₹204 crores (183% YoY growth) with 2.0% margin
  • ROCE: 21.2% (1,000 bps improvement)

Segment Performance:

  • Beauty Vertical: GMV ₹14,954 crores (27% growth), EBITDA margin 9.6%
  • Fashion Vertical: GMV ₹4,954 crores (30% growth), turned EBITDA positive in Q4
  • House of Nykaa: GMV ₹3,176 crores (49% growth), with Dot & Key crossing ₹1,000+ crores NSV
  • Superstore by Nykaa: GMV ₹1,187 crores (26% growth), serving ~500,000 retailers

Operational Highlights

The company added 76 new beauty stores in FY2026, expanding to 313 stores across 99 cities. Key strategic initiatives included launching Nykaa Perfumery stores, Kay Kafe lifestyle format, and expanding internationally with Nysaa in GCC region. Technology investments included AI-powered features like AskNykaa, Skin Scan, and Virtual Try-On, completing over 1.5 million AI-powered skin scan analyses.

Corporate Governance & Compliance

The Board comprises 11 Directors (6 Independent, 2 Non-Executive, 3 Executive) with 54.55% Independent Directors. Key managerial changes included Dr. Chetan Sharma's appointment as Company Secretary effective November 26, 2025. The company complied with all SEBI Listing Regulations and Companies Act requirements, with no material related party transactions or penalties from regulators.

AGM & Corporate Actions

The 14th Annual General Meeting will be held on August 25, 2026, via video conference to adopt financial statements, reappoint Mr. Sanjay Nayar and Mr. Milan Khakhar as directors, and appoint Walker Chandiok & Co. LLP as statutory auditors for a 5-year term. No dividend was recommended for FY2026.

ESG & Sustainability

The company published an Integrated Annual Report aligned with <IR> Framework and GRI Standards, with BRSR Core assured by TUV India. CSR expenditure of ₹4.3 crores impacted 35,000+ lives through beauty skilling, education, healthcare, and women's empowerment initiatives. Environmental initiatives included 100% carton reuse in warehouses and 1,116 metric tonnes waste recycled under EPR.